Eagle & Fein - November 2020

Eagle & Fein - November 2020

NOVEMBER 2020

E AGLE A ND F EIN . COM

317-726-1714

Welcome to Thanksgiving With the Linnewebers!

HOW WE ARE KEEPING TRADITION ALIVE IN 2020

In the Linneweber family, we kick off Thanksgiving with a walk in the cold. It might not be everyone’s cup of tea to get up bright and early, throw on a race number, and stroll through Indianapolis on a brisk Thanksgiving morning, but for the last few years, my wife, daughter, and I have done just that as part of the annual Drumstick Dash. The Dash is a huge event that draws about 20,000 people every Thanksgiving to raise money for Wheeler Mission Ministries, a local homeless shelter. At least it used to be. This year, like everything else, the Dash is going to be different. In addition to two in-person walks, there will also be a virtual event, and that is the route my family will take. Still, we are excited to participate! It is tradition for us to get that exercise in before we enjoy our Thanksgiving lunch together, and we are not going to let the pandemic slow us down. Honestly, I think this is the approach we all need to take this Thanksgiving. Even though 2020 has been a wild and crazy year, it is important to keep up tradition whenever we can and focus on the little things that make us happy. For me, a big part of that is food! I am not usually the one cooking on Thanksgiving (I get shooed out of the kitchen if I try to do anything more complicated than mash potatoes, and I am better at making a mess than a feast), but I sure do look forward to the spread. Turkey, of course, is mandatory, but because I grew up on a hog farm, ham shares that pride of place in our family. Another thing I always look forward to about Thanksgiving is breaking out “National Lampoon’s Christmas Vacation” and rewatching the infamous Thanksgiving episode of “WKRP in Cincinnati.” If you have missed out on either of those comedy gems, I would highly recommend them! They will definitely bring a lot of laughter and humor to your Thanksgiving.

I have been looking forward to Thanksgiving for weeks, and I have also been mulling over the things I am thankful for. More than anything, this year I am thankful for the frontline workers who have risked their lives to keep the world turning during COVID-19. My wife, Danielle, is a health care worker, and my daughter, Elliott, was laid off from her part-time restaurant job this year, so the pandemic has directly impacted my family. I know how scary going to work right now is, and I am grateful to people like Danielle who have made sacrifices to keep our hospitals and grocery stores open, among other essential services. Speaking of Danielle and Elliott, I am thankful to have the world’s best wife, the most precious daughter, and overall, the greatest family out there. One upside of this pandemic has been spending more time together, just playing cards, watching movies, and talking. That gratitude extends to my work family, too. My colleagues have done an amazing job continuing to move forward even in this uncertainty. Last but not least, I am grateful for our clients, and I know the rest of the Eagle & Fein team feels the same way. Even in this scary time, they have chosen to put their trust in us and allowed us to help them with their estate planning, and it has been a privilege to do so. Whatever Thanksgiving looks like for you this year, I hope you enjoy it! Keep tradition alive where you can, and remember to enjoy the little things. At the end of the day, they might just be what matters most. –Scott Linneweber, Associate Attorney

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MEDITATION ALTERNATIVES For People Who Don’t Like to Meditate

Meditation is lauded for its health benefits and is often suggested as an effective way to clear the mind, organize thoughts, and reduce stress. Realistically, however, it’s not for everyone. In fact, some people don’t experience any benefits at all from meditating. In a recent study published in New Scientist about the effectiveness of meditation, researchers confirmed that some people do not benefit from meditation and that about 8% of people who try meditation experience an “unwanted effect,” such as an increase in anxiety.

Exercising outdoors or in nature — especially in new places — enhances these benefits. Because your surroundings are going to be unfamiliar, your mind is more focused, which can help if you’re searching for clarity. Stay mentally engaged. Many people achieve clarity, focus, and stress reduction through simple but engaging tasks, such as immersing themselves in an adult coloring book, doing brain teasers, or assembling LEGO sets, which proves they can be effective therapeutic tools or alternatives to meditation. The LEGO Company has actually been developing more products for adults with this sort of research in mind. But why LEGO products specifically? In addition to being objects you touch and push together, LEGO products come with clear, step-by-step instructions, which make them easy to put together and allow you to focus more on the task at hand. Even if you don’t complete the piece in one sitting, working on a project a few minutes a day can be a beneficial way to find a little clarity.

If you’re not interested in meditation, or it just doesn’t work for you, here are some alternative ways to clear your mind and reduce stress.

Get serious about physical activity. Aerobic exercises — like walking, jogging, running, cycling, and swimming — are great for clearing your mind and getting your body moving. Really, any exercise that gets the heart pumping and increases your respiratory rate will do. Research supports that aerobic exercise is a great alternative to meditation that yields many of the same benefits.

Your Guide to Smart Charitable Giving in 2020

RAISING THE CAP

Do you remember when, back in 2017, the Tax Cuts and Jobs Act moved the goal posts for charitable giving? The Act essentially doubled the standard deduction for individual and joint tax filers, which caused the percentage of taxpayers who itemized their deductions to drop from 35% to 6%. Though the vast majority of people saw their tax burden go down, this also meant that over 95% of taxpayers could no longer write off their gifts to charity. This year, the Coronavirus Aid, Relief, and Economic Security (CARES) Act made two temporary changes to the tax treatment of such donations. One was the implementation of a new universal deduction targeted primarily at standard deduction taxpayers. The other was an increase of the charitable giving deduction cap meant to incentivize high-income individuals and corporations to give.

Before the CARES Act, donors who were still

able to itemize their deductions — and therefore directly write off gifts to charity — faced a deduction cap of 60% of their adjusted gross incomes (AGIs). Corporations were able

to deduct charitable donations of up to 10% of their taxable income. The CARES Act lifted these caps to 100% for individuals and joint filers, and 25% for corporations in 2020. These are truly substantial changes to the tax treatment of donations. Because of them, individuals can theoretically give enough to end up with zero taxable income, and corporations can save thousands. The window for taking advantage of these changes closes on Dec. 31, 2020, so now is the time to give. If you want to learn more about maximizing your charitable donations, reach out to our team today at 317-726-1714.

THE NEW UNIVERSAL DEDUCTION

As we mentioned above, more than 9 out of 10 people no longer itemize their charitable giving. However, the CARES Act has changed the game a bit. Individual taxpayers are now allowed to deduct charitable donations of up to $300 on their 2020 federal tax returns, even though they take the standard deduction. Following the pattern, married-filing-jointly taxpayers get an above-the-line deduction of up to $600.

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SUDOKU

How Ironclad Is an Irrevocable Trust?

A Look at Your Clients’ Amendment Options

Luxurious Vegan Chocolate Mousse

Irrevocable trusts are known for being inflexible. By definition, they cannot be modified, amended, or terminated. This is part of what makes them attractive, but it can also wind up creating problems for both trustees and beneficiaries. Luckily, in the right situation, an irrevocable trust is not entirely ironclad. If you have a client who has funded an irrevocable trust with inappropriate terms, for example, there could be a way to help them modify it. When we say inappropriate terms, we are referring to things like changes in family circumstances, new or different trustees, beneficiary issues, or alterations of the tax law. Say, for example, that a charity named in the trust as a beneficiary has gone out of business or fallen victim to a scam or scandal that seriously altered its operations. In that situation, it would be understandable for your client to want to change the terms of the trust. It might also be possible. An irrevocable trust definitely cannot be undone or amended on a whim, but in these types of circumstances, your client may be able to seek an amendment of the estate plan in court. Despite the definition of an irrevocable trust, the court generally has the authority to amend it upon the petition of the trust’s beneficiaries. As you might imagine, this is a complex process best overseen by an experienced estate planning attorney. Our team here at Eagle & Fein specializes in exactly this type of convoluted case. If you have clients in this situation, we can help them determine whether a court-ordered modification is their best bet. We can also explore other alternatives and advise them on other aspects of their estate plan to prevent similar issues from popping up in the future. It seems ironic, but ultimately, the name “irrevocable trust” is a misnomer. In the estate planning world, anything is possible with the right experience and expertise.

Making chocolate mousse with avocados may sound strange, but we promise it ’s a match made in heaven! This sinfully delicious recipe is a great holiday treat.

INGREDIENTS

•

4 oz vegan dark chocolate, chopped

•

1 tsp vanilla extract

•

1–3 tsp maple syrup, to taste

•

2 large avocados, pitted and skinned

•

Fresh berries, for garnish

•

3 tbsp cocoa powder

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1/4 cup almond milk

DIRECTIONS

1. In a microwave-safe bowl, melt the dark chocolate. Heat in 15-second intervals, then stir and repeat until melted. Set aside to cool. 2. In a food processor or blender, combine the cooled chocolate and other ingredients. Blend until smooth and creamy, adding additional sweetener as desired.

3. Scoop into glasses and refrigerate at least 2 hours. Top with berries and serve!

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INSIDE THIS ISSUE

1 Thanksgiving With the Linnewebers 2 Clear Your Mind in a Different Way Your Guide to Smart Charitable Giving in 2020 3 Is an Irrevocable Trust Really Ironclad? Luxurious Vegan Chocolate Mousse 4 Is ‘Glamping’ the Perfect Winter Getaway?

IS ‘GLAMPING’ THE PERFECT WINTER GETAWAY?

STEP 1: DECIDE WHICH KIND OF LODGING YOU WANT. Glamping shelters come in all shapes and sizes depending on the level of comfort you desire on your trip. The most rugged glamping lodgings usually still include a wood-burning stove and a nice comfy bed, whether you opt for a log cabin or a specialized glamping tent (sometimes called a yurt). However, some of the more posh options include amenities like fresh linens, private bathrooms and showers, fully stocked kitchenettes, and even TVs. STEP 2: DECIDE HOW YOU WANT TO SPEND YOUR TIME. Obviously, the point of glamping is to spend time in the great outdoors with winter activities, such as snowshoeing, snowmobiling, and other fun snow activities. However, glamping really shines during the frigid evenings. You can retreat indoors, throw some logs in the stove, prepare some hot cocoa or cider, and just watch the snowfall from your window. There’s no right or wrong way to glamp. All that matters is spending time in the wilderness with all the comforts of home — all while feeling refreshed and at peace.

When COVID-19 struck the U.S., travel restrictions had people canceling their vacation plans left and right. This meant that many would-be vacationers had to find some getaways a little closer to home — namely, camping trips and their fancier cousin, glamping trips. If you haven’t heard of “glamping” before, it’s essentially glamorous camping. You have access to the beautiful, rugged outdoors as well as all the comforts of home. While traditional winter camping certainly wouldn’t be a relaxing getaway for most people, glamping during the winter months can give you access to the peace of the outdoors like you’ve never experienced before without so much as a shiver or sniffle. If you’ve decided to make glamping your go-to method of escape from the cabin fever that besets us all during the cold, dark winter days, you might be thinking: How can I make sure I have the best glamping experience possible? Luckily, there are a few tips and tricks you can apply to any glamping location to ensure that your time away from home is just as relaxing as that Caribbean cruise would have been.

CABIN FEVER HAS

NEVER BEEN SO STYLISH

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